A Blunder
We notice by a telegram from Dunedin that the banks have raised the rate of interest on fixed deposits by one half per cent., making 3 per cent, for 3 months, 4 per cent, for 6 months, and 5 percent. for 12 months. This did not take us bj surprise as we had previously been advised that the rates had been proportionately increased in Victoria. This act means neither more nor lees that the banks in that Colony have been trading beyond the limits of their subscribed capital, and are now endeavouring to make up the deficeucy by draining the resources of New Zealand. We do not like to prophecy evil, l>ut we think this is the first indication of the collapse of that wonderful " boom" or inflation in Melbourne about which wo have heard so much. It is the " cloud no bigger than a man's hand" which fortells the coming storm.
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Bibliographic details
Feilding Star, Volume X, Issue 63, 3 November 1888, Page 2
Word Count
154A Blunder Feilding Star, Volume X, Issue 63, 3 November 1888, Page 2
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